Following Are the Financial Statement Data for Degen Temporary Services

question 62

Essay

Following are the financial statement data for Degen Temporary Services at December 31, 2016.Prepare Degen's income statement. $\begin{array}{lr}\text { Accounts Payable } & \$ 850 \\\text { Accounts Receivable } & 780 \\\text { Cash } & 425 \\\text { Common Stock } & 600 \\\text { Dividends } & 200 \\\text { Insurance Expense } & 75 \\\text { Office Equipment } & 1,500 \\\text { Retained Earnings, January 1, 2016 } & 370 \\\text { Salaries Expense } & 525 \\\text { Notes Payable } & 40 \\\text { Service Revenue } & 1,750 \\\text { Inventory } & 35 \\\text { Supplies Expense } & 50\end{array}$ ? $$\begin{array}{c}\text { Degen Temporary Services } \\\text { Income Statement }\\\text { For the Year Ended December 31, } 2016\\{ \begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad\quad\quad& \quad \quad \quad \quad \quad \quad & \quad \quad \quad \quad \quad \quad \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array} }\end{array}$$

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Definitions:

Fund Raisers

Fundraisers are events or campaigns organized to collect money for a particular cause, project, or organization, leveraging various strategies to encourage donations from individuals or groups.

Emotional

Pertaining to feelings or expressions of emotion, which involve complex psychological states and physiological responses.

Painful Shocks

Reference to physical or emotional distress experienced suddenly and sharply, often used in experiments or therapeutic contexts.

Affiliate

Someone who is officially attached or connected to an organization, often for the purposes of mutual benefit.